R/601/0578-Business Decision Making-HND in Business-Level 5
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- Course Code: R/601/0578
- Course Title: R/601/0578-Business Decision Making-HND in Business-Level 5
- University: Deakin Uiversity
- Country: UK
Develop techniques for data collection, an understanding of the tools available to create and present useful information, in order to make business decisions.
Assume you are Marketing Manager of a restaurant and the boss is considering to expand the current operation and business. Before making his decision, you are asked to conduct a survey by questionnaire and perform an analysis to see if it is adequate for the restaurant to expand its business.
1: Create a plan for collection of primary and secondary data for the business problem.
2: Present the methodology and sample frame used.
3: Design a questionnaire for the business problem and conduct the questionnaire.
4: Summarise the data collected using representative values to create information for decision making and analyse the results to draw valid conclusions in a business context.
5: Analyze data by measurinrthe dispersion to inform a given business scenario.
6: Explain how quartiles, percentiles and the correlation coefficient are used to draw useful
LO1 To achieve the criteria the evidence must show that the student is able to:
- Be able to use a variety of sources for the collection of data, both primary and secondary
- Create a plan for the collection of primary and secondary data for a given business problem
- Present the survey methodology and sampling frame used
- Design a questionnaire for a given business problem
LO2 Understand a range of techniques to analyse data effectively for business purpose
- Create information for decision making by summarising data using representative values
- Analyse the results to draw valid conclusions in a business context
- Analyse data using measures of dispersion to inform a given business scenario
- Explain how quartiles, percentiles and the correlation coefficient are used to draw useful conclusions in a business context
Business decision making is highly concerned with the selection of best option out of several alternative available. In the business unit, manager of the firm can take suitable decision by undertaking several statistical and non-statistical tools. Moreover, statistical techniques and project management software helps in making suitable decision that aid in the growth and success of firm.
Assessment of selling price and profit level
To assess the number of units sold selling price level is assumed by the retailer by taking into account the market trend as well as conditions.
Calculating Pearson product moment correlation co-efficient
Correlation co-efficient is one of the most effectual measures which in turn help in assessing the extent to which two variables are highly associated with each other. Such statistical measure is highly significant which in turn helps in determining the impact of one variable on another (Berenson and et.al., 2012). Range of correlation is usually between -1 to 1 which in turn helps in evaluating the impact of variables on each other.
Assessing the promotional expenses from April to December
Allocation of promotional expenses in month from April to December is enumerated
Writing a formal business report to the management for presenting findings
Economic order quantity (EOQ)
Economics order quantity is one of the helpful tool for controlling over inventory of organization. In this process, systematic production and distribution of products. It is beneficial for adequate transaction of goods and services.
Interpretation: Project manager of organization aanlyzes cost to be flowed supplement for projecting. However, he recognizes that for investing 60,000 on project planning, its 0.80 evaluates as 48,000 while remaining is 12,000.
Calculation of different financial tools
The tool which helps to the company in order to determine that which one project will give more and higher return of the initial investment that will be identified as financial tool. It can be called as an investment appraisal method or capital budgeting techniques also by different firms. When there are two or more kinds of simultaneous project and investments then for assessing viability of one project such kinds of tools are highly considered.
On the basis of cited case situation, management team wants to open up new shop within 60 days. Hence, manager is required to make selection of suitable location by taking into account the research plan or activity. Moreover, decision making aspect of the customers is highly influenced from the suitability of location.